SHANGHAI, Dec. 24 (SMM) -- Affected by surging overseas cobalt prices, domestic cobalt prices are on upward track this week, with prices growing significantly. Given that MB will cease to quote prices in the following week, domestic cobalt prices will lose guidance in the following week. Although guidance is temporarily unavailable, price trend is actually quiet clear. SMM believes that cobalt prices will climb slightly by RMB 5,000/mt to between RMB 310,000-325,000/mt in the following week.
Upward momentum of cobalt salt prices was dampened due to weak demand. SMM expects that cobalt salt prices will continue linger at cost level. Traded prices of cobalt chloride will move between RMB 70-72/kg and traded prices of cobalt sulfate will climb to between RMB 60-63/kg.
Although tricobalt tetraoxide prices are high and price spread between tricobalt tetraoxide and cobalt chloride is expanding, actual demand for tricobalt tetraoxide was weak. Producers mainly conducted production based on orders received previously. SMM expects that prices for tricobalt tetraoxide will move between RMB 228-233/kg in the following week.
Due to cash flow pressure by the year end, purchasing interest from lithium-ion battery batteries producers was not strong. In this context, prices for lithium cobalt oxide will grow to between RMB 233-237/kg in the following week.
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